What's the difference between Accounts Receivables and Bills Receivables and Accounts payables and Bills Payables. Can anyone help me out with this please.
Thank you in advance.
1 Replies
satish kumar Chauhan
(accountant)
(360 Points)
Replied 30 May 2011
1.accounts receivables is used for debrors for goods etc. sold and bills receiveables are received from debtors on account of paymt as cash or chq.
2. bills are discounted, endorsed to others when receivables not
and acconut payable is used for creditos for purchased of goods etc when bills payble are issued on a/c of payment
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